Small Business Accountant in Chicago Illinois

September 17, 2015
Small Business Accountant in Chicago Illinois
It seems as if fewer business owners are paying any attention to the taxation deadlines.
Many years ago there was a statistic that came out from the CPA Society that said that only one third of business owners filed their taxes by the actual due date. Of the two thirds on extension, only about another third file by the extension due date. That leaves around another third that are completely late.
No matter how much we try to get the work in, it just seems as if some clients don’t care.
Maybe its a function of the poor economy? Maybe the lack of enforcement actions by The Internal Revenue Service plays a role? Maybe the lack of administrative personnel in companies today who used to handle issues like this compounds the problem. Companies are stretched rather thin from the standpoint of personnel, in order to get through these rough times.
But mostly I believe that it is a lack of understanding by business owners of how dangerous this can be.
Not filing your taxes timely becomes expensive. You avail yourself to at least two additional statutory penalties; those being the Failure to File and Failure to Pay Penalties. Having an accountant try to get those penalties abated can be next to impossible.
But the real problem is that when you file a return outside of an extension date, you run a much greater risk of someone actually looking at your return. Is that something that you really want? And if someone at the processing center looks at your return, you run a much greater risk of being looked at further.
Yet, another deadline looms large on the horizon. October 15th is the deadline for Partnerships, Estates, Trusts, and Personal Returns.
Take some time out of your busy day. Get your work into your accountant. Don’t wait until the last minute and expect it to be done on time. If your accountant is any good at what they do and are in demand, there may be plenty of other cases in line ahead of you.
Think about all of the money you would spend if you do get chosen for any audit. Take the time. Do it now.
If you are having problems with your Small Business Accountant in Chicago Illinois or have issues with your accounting in general, we would love to help. I enjoy hearing from my readers, and can be contacted at
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Chris Amundson is the President of Accounting Solutions Ltd., a full service public accounting firm of Certified Public Accountants and Enrolled Agents handling the bookkeeping, accounting, tax preparation, and audit representation needs of Businesses, Estates, Trusts, and Upper Income Individuals.